Health care pharmaceutical company Teva (TEVA) soared to multi-year highs on Tuesday after reporting positive Phase 2 data for Ulcerative Colitis and Crohn's Disease drug Duvakitug. Teva and partner Sanofi (SNY) stated that primary endpoint was met as 47.8% of UC patients given a high dose of Duvakitug achieved clinical remission.
Teva Pharmaceuticals is one of the best performing stocks in the SPDR S&P Pharmaceuticals ETF (XPH) for 2024 as the stock posts gains of 100% on Tuesday. The SPDR Pharmaceutical ETF is currently trading 8% higher for the same period.
Operating in the generic and development pharmaceutical industry has provided strong tailwinds for Teva for several years as the industry has faced mounting pricing pressures.
Teva’s revenue results for the last two years has showed steady average growth of roughly 5% each quarter.
Shares of Teva have spent the last three months trading in a wide range between $16.50 and $19. The bottom of that ranges has seen strong technical strength from the stock’s rising 200-day moving average at $16.50.
Today’s move above $20 not only breaks through the top of the stock’s range, but adds to Teva’s bullish momentum as rising volume indicates growing interest in the stock.
Teva stock maintains a bullish long-term outlook with a price target of $25.
